Managed Security Services Market: Snapshot
Managed Security Services or MSS are considered as the systematic approach to managing an organization’s security needs. This is needed for better security against security contravention and cyber-attacks. Conducted both in-house and outsourced to service provider, this security service oversees other companies’ information system security and network. Main functions of managed security services are overseeing patch management and upgrades, responding to emergencies, round-the-clock monitoring and management of intrusion detection systems and firewalls and performing security audits and assessments. Outsourcing security operations to managed security service providers having core expertise and skilled workforce can improve the quality of protection of managed security services.
Major factors that drive the growth of managed security services market are rise in digital information generation and increasing trend of being your own devices(BYOD), along with the need to secure it. Due to the rise in complexity and frequency of security breaches and cyber-attacks, organizations are increasingly deploying managed security service providers. This is done to monitor and provide better protection.
The global managed security services market is estimated to witness a strong growth at 15.4% CAGR during the forecast period of 2013 to 2019. By the end of the forecast period the market is predicted to be valued at US$24.12 bn.
Low Maintenance Costs in Cloud-Based Security Management Driving Growth in Market
Based on applications, the global managed security market is segmented into risk assessment, confidentiality, compliance, business continuity, access control, and network security managed security services market. Among these, confidentiality market, compliance services and network security services collectively account for leading share in the market for managed security services.
On the basis of delivery, there is consumer premise equipment (CPE)-based services, cloud-based or hosted-based services, global managed security services, and hybrid services, which is an integration of cloud-based and CPE-based services. The emergence of cloud-based managed security services is likely to boost the global market significantly over the forecast period due to easy installation and low maintenance cost as compared to others.
Based on industry verticals, the global managed security service market is segmented into telecom and IT, retail, healthcare, hospitality sectors, manufacturing, government and utilities, research and development (R and D), and banking financial services and insurance (BFSI). The report states the leading end users like the government utility sectors, telecom and IT and the BFSI account for a large share. Outsourcing proves to be a viable and economical option because of the rise in numbers, cost pressure compliance, lack of internal expertise, and complexity of threats.
Asia Pacific to Register Fastest Growth during Forecast Period
The global managed security services market is studied on the basis of key geographies Asia Pacific, Europe, North America and the Rest of the World. Due to the benefits that managed marketing services offer, there is rise in awareness, and this has fueled the market globally. However, consumers are hesitant to share confidential information and this may restrain the growth of managed security services market in the years to come.
North America has been leading the regional market and is predicted to continue its dominance over the forecast period. However, Asia Pacific is estimated to grow at a rapid pace during the forecast period.
As a part of their product portfolio and services expansion, a majority of internet/telecom service providers have started to venture in managed security services. IT companies and Companies like IBM Corp., AT&T Inc., Bell Canada Inc., Wipro Technology Services Ltd., and Tata Communications Ltd. are some of the key participants in the global market for managed security services. The key players estimated to dominate the market are Dell Secure Works, IBM, EMC, and HP.
- Banking and financial services and insurance
- Government and utilities
- Telecom and IT
- Others (Education, Research and development, and Hospitality)
- Network security
- Access control
- Business continuity
- Risk Assessment
- Customer premises equipment (CPE) based
- Hosted or cloud based
- North America
- Rest of the World